RSM China Special Report on Financial and Accounting Issues in the Audit Inquiry Letter Regarding Ningbo Runhe High-Tech Materials Co., Ltd.'s Issuance of Convertible Bonds to Unspecified Targets
RSM Special Report [2026] 230Z1088
RSM China (Special General Partnership)
Beijing, China
Shenzhen Stock Exchange:
In accordance with the requirements of the "Audit Inquiry Letter Regarding Ningbo Runhe High-Tech Materials Co., Ltd.'s Application for Issuance of Convertible Corporate Bonds to Unspecified Targets" (Audit Letter [2026] No. 020017) (hereinafter referred to as the "Audit Inquiry Letter"), RSM China (Special General Partnership) (hereinafter referred to as the "Accountant") has verified the relevant materials of the company regarding the financial and accounting issues raised in the Audit Inquiry Letter. We hereby provide this special report for your review.
Unless otherwise specified, the abbreviations or definitions used in this response are consistent with the "Prospectus for the Issuance of Convertible Corporate Bonds to Unspecified Targets by Ningbo Runhe High-Tech Materials Co., Ltd." except for the reporting period of 2023, 2024, 2025, and January-March 2026. Content involving supplementary disclosure or amendments to the application documents has been marked in bold italics.
| Formatting | Content |
|---|---|
| Bold | Questions listed in the Audit Inquiry Letter |
| Songti | Responses to questions listed in the Audit Inquiry Letter |
| Bold Italics | Amendments to application documents such as the prospectus |
In this response, any discrepancies between the totals and the sums of the individual items are due to rounding.
Table of Contents
Question 1: 1
Question 2: 47
Question 1
According to the application materials, during the reporting period, the company's net profit was 90.1382 million yuan, 82.2103 million yuan, 96.2364 million yuan, and 95.2908 million yuan, respectively. Net cash flows from operating activities were -5.0704 million yuan, 154.7675 million yuan, 52.6135 million yuan, and 49.41 million yuan, respectively.
During the reporting period, the company's export sales revenue was 269.7161 million yuan, 283.2469 million yuan, 383.2668 million yuan, and 281.1532 million yuan, respectively, accounting for 23.01%, 24.99%, 28.90%, and 27.36% of the main business revenue.
During the reporting period, the company's accounts receivable were 236.5253 million yuan, 269.039 million yuan, 295.0009 million yuan, and 354.0606 million yuan, respectively, accounting for 26.12%, 25.27%, 25.51%, and 31.31% of current assets.
At the end of each reporting period, the book value of the company's fixed assets was 458.7646 million yuan, 446.393 million yuan, 422.5001 million yuan, and 540.342 million yuan, respectively, accounting for 85.15%, 82.61%, 72.62%, and 86.97% of non-current assets.
In July 2022, the company's wholly-owned subsidiary, Xiaohe Materials, was subject to an administrative penalty of 128,000 yuan by the Deqing County Emergency Management Bureau due to a fire accident. In May 2025, the company was fined 30,000 yuan by the Ministry of Finance for providing financial and accounting reports with inconsistent preparation bases to different users of accounting information.